In 2007, the Public Company Accounting Oversight
Board (PCAOB) issued Auditing Standard (AS) No. 5, An
Audit of Internal Control Over Financial Reporting that is Integrated
with an Audit of Financial Statements (PCAOB, 2007a).
AS No. 5 provides guidance on internal control audits for
auditors of public companies and the relation to internal
audit’s effects on, and relationships with, external auditors
and audit committees. AS No. 5 superseded AS No. 2, An
Audit of Internal Control Over Financial Reporting Performed
in Conjunction with an Audit of Financial Statements, which
was issued in 2004 (PCAOB, 2004).